MAVCOM grants Brahim’s a Conditional Approval for a GHL subject to Brahim’s fulfilling the conditions as stipulated by MAVCOM. The Conditional Approval is effective from 1 September 2016 and is valid for a period of twelve (12) months up to 31 August 2017. Granting of a GHL shall be subject to MAVCOM being satisfied that Brahim’s has fulfilled all requirements of the Conditional Approval and that there are no material changes to any information as represented by Brahim’s to MAVCOM in the course of the GHL application.